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"Green" Technology Company SmartHeat
Inc. Announces Initial Closing of $5.67 Million in Equity Financing
July 09, 2008
SmartHeat Inc. (Website: www.smartheatinc.com) (OTCBB: SMHT), a
market leader in China's "green" technology heat energy saving
industry, today announced that the Company has completed an initial
closing of $5.67 million in equity financing. SmartHeat is offering
2,285,714 Units (each Unit consisting of one share of common stock,
and a warrant to purchase 15% of one share of common stock at an
exercise price of $6.00 per share) of common stock at $3.50 per Unit
to accredited investors.
Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw
Capital Group, Inc. (NASDAQ: RODM) served as a placement agent for
the offering.
James Jun Wang, SmartHeat's Chief Executive Officer, commented: "SmartHeat
is well positioned to benefit from China's favorable environmental
policies towards clean air and pollution reduction. As a market
leader in China's heat energy saving industry, SmartHeat's products
significantly increase heat use efficiency and result in less coal
burning and less pollution to the environment. This financing allows
the Company to proceed with meeting additional new orders and
customer demand."
About SmartHeat Inc.
SmartHeat Inc. is a US company with its primary operations in China.
SmartHeat is a market leader in China's "green" technology heat
energy saving industry. SmartHeat manufactures plate heat exchangers
and compact plate heat exchanger units -- the technology that helps
to capture and recycle waste heat thus reduces fossil fuel related
costs and pollution. SmartHeat's products and technology have broad
residential and industrial applications. China's heat transfer
market is currently estimated at approximately $2.4 billion with
double-digit annual growth according to China Heating Association.
Additional information about SmartHeat is available at its corporate
website: www.smartheatinc.com
Safe Harbor Statement
All statements in this press release that are not historical are
forward-looking statements made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
There can be no assurance that actual results will not differ from
the company's expectations. SmartHeat's actual results may differ
from its projections. Further, preliminary results are subject to
normal year-end adjustments. You are cautioned not to place undue
reliance on any forward-looking statements in this press release as
they reflect SmartHeat's current expectations with respect to future
events and are subject to risks and uncertainties that may cause
actual results to differ materially from those contemplated.
Potential risks and uncertainties include, but are not limited to,
the risks described in SmartHeat's filings with the Securities and
Exchange Commission.
Contact:
U.S. Contact:
Mr. Arnold Staloff
Independent Board Member
SmartHeat Inc.
Tel: 212-631-3510
Corporate Contact:
Mr. James Wang
CEO
SmartHeat Inc.
Tel: 011-86-13701368262
Website: http://www.smartheatinc.com
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